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Industry Updates
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Industry Updates
2023 Holiday to Reach Record Spending Levels
The National Retail Federation today forecast that holiday spending is expected to reach record levels during November and December and will grow between 3% and 4% over 2022 to between $957.3 billion and $966.6 billion. Despite a slower growth rate compared with the past three years, when trillions of dollars of stimulus led to unprecedented rates of retail spending during the pandemic, this year’s holiday spending is consistent with the average annual holiday increase of 3.6% from 2010 to 2019. | More Information
NRF Economist Says 2023 Holiday Sales Will Have a ‘Whole New Set of Dynamics’
Every retail holiday season since the pandemic has been unique, and that will be the case again this year, National Retail Federation Chief Economist Jack Kleinhenz said. “This year, a whole new set of dynamics is in place,” Kleinhenz said. “The average household remains on relatively solid financial footing despite pressures from still-high inflation, stringent credit conditions and elevated interest rates. Recent revisions to government data indicate that consumers haven’t drawn down as much of their pandemic savings as believed earlier, and savings are still providing a buffer to support spending. The overall story for this holiday season is that it looks very good.” | More Information
Industry Updates
Hunters Celebrate More Than 25 Percent Surge Over Past Five Years The U.S. Fish and Wildlife Service (USFWS) announced the results of their latest U.S. Hunting and Fishing Participation survey and it shows that some of the positive trends the firearm industry saw over the past few years have taken hold and have likely become more enduring than previously thought. The new data is noteworthy not just because of the direct impacts it represents in terms of supporting jobs and local communities, but also for the substantial funding that goes back to state conservation and wildlife management efforts. | More Information Consumers to Spend Nearly $900 to Celebrate the Winter Holidays Those celebrating the winter holidays expect to spend $875 on average on gifts, decorations, food and other key seasonal items, according to the National Retail Federation’s latest consumer survey conducted by Prosper Insights & Analytics. The amount is $42 more than consumers planned to spend in 2022 and is in line with the average holiday budget over the last five years. | More Information Deloitte: Concerned Consumers Still Expect Higher 2023 Holiday Spend A survey from business services firm Deloitte indicates that consumers will spend more in this year’s holiday season than they did in any since the COVID-19 pandemic. The gain in expected holiday spend to $1,652 each represents a compound annual growth rate of just 2.5%, Deloitte pointed out, but a 14% year-over-year increase. In a somewhat merrier holiday mood, 95% of survey respondents said they plan to celebrate, up from 92% in 2022 and 88% in 2021, reflecting a return to pre-pandemic levels. | More Information |
Industry Updates
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Industry Updates
Survey Finds 92 Percent of Consumers Cut Spending This Year; Apparel Tops Cuts
A recent CNBC-Morning Consult survey found that 92 percent of U.S. adults reduced their spending over the past six months, and the majority expect to remain frugal through the 2023 holiday shopping season. The CNBC survey of 4,403 U.S. adults fielded between Tuesday and Thursday of this week found the most common categories for spending reductions over the past six months were apparel (63 percent), restaurants and bars (62 percent) and entertainment outside the home (56 percent), a similar pattern CNBC saw in its June survey. The following most significant categories for cuts were groceries (54 percent), recreational travel and vacations (53 percent) and electronics (50 percent). | More Information
Retail Crime Accounted for Over $112 Billion in Industry Losses in 2022, According to NRF Report
As incidents of retail crime continue to escalate throughout the country, retailers have seen a dramatic jump in financial losses associated with theft. When taken as a percentage of total retail sales in 2022, shrink accounted for $112.1 billion in losses, up from $93.9 billion* in 2021, according to the 2023 National Retail Security Survey released by the National Retail Federation. | More Information
SHOT Show Climbs to No. 8 on List of Largest Trade Shows
NSSF’s SHOT Show® is now the eighth largest trade show in America, according to Trade Show Executive’s just-released Gold 100 rankings. The rankings were based on trade shows held throughout the United States in 2022 and measured by net square feet. Owned and operated by NSSF® — The Firearm Industry Trade Association — the SHOT Show is the annual trade show of the shooting, hunting, outdoor and law enforcement industries. After having to cancel its 2021 show due to the COVID-19 pandemic, the 2022 SHOT Show featured the event’s largest floorplan ever with 804,000 net square feet of exhibit space—up from 676,000 net square feet in 2020. | More Information